solflare wallet login with Mnemoinc phrase


I’ve created a Solflare Wallet.

When I completely logout and then login again using the Mnemonic, I get a dropdown saying:

m/44/501/0 (recommended)
Your mnemonic phrase is derived using a derivation path in order to produce your wallet
data. Because of that, it’s possible to have multiple wallets linked to one mnemonic using > different derivation paths.
If you can’t see your account in the list to the left, try changing the derivation path!

So in the above recommended derivation path I don’t see my wallet, I need to switch to

m/44/501/0/0 (sollet, phantom)

I don’t understand what is happening here. Who is the owner of the Wallet in the recommended derivation path and why can I access it?
And more importantly can anybody else access my Wallet with it’s own different Mnemonic?

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